MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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EGBs underperform as the markets re-price ECB expectations

BONDS

Core fixed income has been under pressure this morning with EGBs underperforming Treasuries as the market continues to price in a greater likelihood of larger hikes by the ECB following a Reuters sources story released on Friday afternoon (as well as Powell's hawkish Jackson Hole comments).

  • The German curve has moved in a relatively parallel move, with Schatz and 10y Bund yields up around 13bp on the day. Peripheral spreads have barely moved today in spite of the ECB re-pricing.
  • TY1 futures are down -0-20+ today at 116-30 with 10y UST yields up 7.4bp at 3.117% and 2y yields up 6.8bp at 3.468%.
  • Bund futures are down -1.73 today at 148.23 with 10y Bund yields up 13.1bp at 1.517% and Schatz yields up 13.1bp at 1.099%.
  • BTP futures are down -1.48 today at 120.02 with 10y yields up 14.0bp at 3.831% and 2y yields up 17.7bp at 2.084%.
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